Performance per watt = performance per watt
you dont divide it by anything. It has nothing to do with die size, voltage, density, mhZ, or how many transistors. Adding in these other things is creating some random new metric.
I am not saying that die size, voltage, density, mhZ, transistors count will not have an effect on performance per watt, cause they all can. But that doesnt mean that you divide, add, multiply them into an equation and call it "performance per watt"
Performance per watt is like Body Mass Index. There are things that can have an effect on BMI. Loads and loads, such as: exercise, calories, hormones, age, pregnancy, etc
-but-
none of them are BMI.
None of these factors get divided or multiplied back in when your figuring BMI just as none of the factors that can change performance per watt get divided back in.
So when looking at performance per watt, its really simple. Performance divided by watts.
Not only has there been a huge mix up in figuring performance per watt in this thread, there also seems to be some confusion in what nvidia's marketing claims were.
When the gm204 launched, the claims were 2x performance per watt but they were specifically comparing the gtx 980 to the gtx 680.
But performance per watt is GPUs isnt constant and can change depending on the task. But, there are plenty of reviews that show that the 980 really really close to double the 680 in perf per watt. Like TPUs review shows 1.9x. And this is based on total system power consumption. Why is that important? We have a thread were a person finds that faster the GPU is the more his CPU is loaded. The GTX 980 churns out high frame rates which cause the CPU to work harder to keep up. The faster frame rates cause the CPU to use more watts too, it skews the results. There is no way around it. Isolating the GPU is incredibly difficult....but...
Even with these skewed measurements. There are plenty of reviews out there showing the gtx980 with nearly double the performance per watt of the 680.
Remember, this is not a static statistic. It is very dependent on the game/app. It fluctuates form one scenario to the next, wildly sometimes. But it is not some wild made up number.